Tatts Group Limited (ASX:TTS) has bought the Tasmanian TAB, Tote Tasmania for $103 million, funded from existing loan facilities and cash.
Tote Tasmania provides Tatts Group’s wagering subsidiary TattsBet with access to the Tasmanian racing and sports betting market.
The licence is for 50 years, with an additional 49 years at no extra cost. It offers exclusive access to the Tasmanian market for the next 15 years.
Tatts Group reported a net profit of $275 million for the year to June 30, 2011.
